Oil Market Update : Epic Research Singapore

Oil futures settled with a gain of more than 4% on Thursday, rebounding on the back of what analysts referred to as “oversold” conditions, as reports of attacks on Libyan oil terminals reminded the market of the risks to supplies in the Middle East.

Advances for oil came despite a hefty increase in weekly U.S. crude inventories. The natural-gas market, meanwhile, rose even as its own supply data revealed a smaller-than-expected weekly decline.

March West Texas Intermediate crude CLH6, +0.17%  jumped $1.18, or 4.2%, to settle at $29.53 a barrel on the New York Mercantile Exchange, after trading as high as $30.25. Moves for WTI came in fits and starts. It was trading around $28.57 before the supply data and fell initially in the wake, before surging after the Libya news.


March-dated Brent crude LCOH6, +0.24% the global oil benchmark, leapt $1.37, or 4.9%, to $29.25 a barrel on London’s ICE Futures exchange.

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